Life Insurance Class Action Settles for $59.75 Million
For information about our ongoing investigations and pursuit of claims against life insurance companies for alleged misconduct related to overcharges within permanent life insurance policies – sometimes referred to as universal, variable universal, whole life, variable whole life or flexible premium policies – and to contact our team if you believe you are being overcharged by your life insurance company, click here.
Barbara Larson vs. John Hancock Life Insurance Company (U.S.A.)
Stueve Siegel Hanson LLP and co-counsel Miller Schirger LLC have settled a nationwide class action lawsuit against John Hancock Life Insurance Company (U.S.A.) over alleged life insurance policy overcharges. The settlement was approved by the court on May 8, 2018 and provides that John Hancock will pay $59.75 million (less fees and expenses) in cash compensation to approximately 103,000 policyholders who own or owned a Flex V-II variable whole life insurance policy sold and administered by John Hancock over the last several decades.
The case is Barbara Larson vs. John Hancock Life Insurance Company (U.S.A.) and was filed in April 2016 in the Superior Court of California, Alameda County on behalf of Barbara Larson and other individuals who own or owned the Flex V-II policy. The suit alleged that John Hancock breached the policies by overcharging policyholders through cost of insurance and expense charges within the policies and failed to reduce certain charges despite improving expectations of future mortality, causing the policies to lose value and in many cases lapse, leaving many without life insurance. John Hancock denied all liability or wrongdoing.
Stueve Siegel Hanson has a successful record prosecuting class action cases alleging policy overcharges against the life insurance industry. In June 2018, Stueve Siegel Hanson obtained a jury verdict of $34.3 million on behalf of a Missouri class of policyholders against State Farm Life Insurance Company. Trial was held in the Western District of Missouri, Central Division before the Honorable Judge Nanette Laughrey. In March 2016, Stueve Siegel Hanson announced that an Indiana court granted final approval of a nationwide class action settlement valued at approximately $2.25 billion against The Lincoln National Life Insurance Company.
Stueve Siegel Hanson, one of the largest contingency-based trial firms in the country, specializes in complex business litigation and multi-party actions, and dangerous products and personal injury cases. The Kansas City based firm has obtained substantial results for clients in all types of litigation across the country and has collectively been honored with dozens of awards and designations, for both trial successes and case results.